Not really...Though some fans and marketers tried to make it seem like a sequel, it's really more of a re-imagining of the franchise or an alternate universe story. The film was not distributed by Toho Studios and had a very small financial backing in contrast to the other movies in the series, so it's really more of an independent take on the same subject matter. The film is based on the spin-off novel TEITO MONOGATARI GAIDEN, which takes place in a contemporary time period where the story of Yasunori Kato and Masakado are fictional and people who believe in it are confined to mental asylums.